New Delhi, India – Prime Minister Narendra Modi’s government is poised to levy new charges for using the country’s popular, homegrown instant digital payment system for select merchant transactions, raising concerns for businesses. India’s quasi-governmental National Payments Corporation of India (NPCI) has announced that a 0.4 percent fee will apply from October 15 to all UPI (Unified Payments Interface) transactions above 2,000 rupees ($21) made to businesses. Since its introduction a decade ago, the UPI – which allows customers to make instant payments via apps, free of any cost – has transformed how the world’s largest population makes payments.
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